Kathmandu. KATHMANDU: NIC Asia Bank has decided to invest Rs 952 million in the 7.29 MW Falakhu Khola Hydropower Project to be constructed in Naukunda Rural Municipality of Rasuwa district.

A memorandum of understanding (MoU) has been signed between the bank and Rasuwa Hydropower Limited in this regard. The agreement was signed by the bank’s Assistant CEO Jayendra Rawal and company’s Chairman Deepak Thapa. According to the bank, the project is expected to be completed within two years. The project is expected to generate 38.74 GW of electricity annually.

The investment in the project is expected to support the government’s goal of clean energy production and sustainable development. According to the bank, after the completion of the project, the production of clean energy will increase and contribute to economic development, energy self-sufficiency and environment conservation.